After searching the internet for low interest rates on loans, I saw that Northern Rock with 5.8% ARP was much lower than all other providers, so I went into their bank. The young guy behind the desk immediately got the forms out and mentioned that not all customers are offered the 5.8% rate, ... Read review
Advantages: Low rates advertised, but that's a trick! Disadvantages: They try to tie you in with a credit check
...on loans, I saw that Northern Rock with 5.8% ARP was much lower than all other providers, so I went into their bank. The young guy behind the desk immediately got the forms out and mentioned that not all customers are offered the 5.8% rate, but instead of being refused, I would then get a higher rate, which could go up to about 9%, but most likely it would be just over 6%. I thought that was fine and couldn't imagine why my credit check would be ... ...part was: in the meantime, Northern Rock had done another credit check on me, which meant this worsened my credit rating!
So basically, they get you into the back with advertising 5.8% as a "typical" rate, although it's most likely not the average rate they give to their customers. When they run the check to find out exactly what rate they offer you, another point is added to your credit history, which negatigely affects ... more
After searching the internet for low interest rates on loans, I saw that Northern Rock with 5.8% ARP was much lower than all other providers, so I went into their bank. The young guy behind the desk immediately got the forms out and mentioned that not all customers are offered the 5.8% rate, but instead of being refused, I would then get a higher rate, which could go up to about 9%, but most likely it would be just over 6%. I thought that was fine and couldn't imagine why my credit check would be negative. I just had a mortgage approved, have a secure regular income and no credit card debts. So off he went for the credit check - and came back with an APR of 8.9%!! Apparently the mortgage went against me, because it required a credit check and for every credit check that's done on you, you get a point. The fact that the mortgage was approved, didn't matter. But the scary part was: in the meantime, Northern Rock had done another credit check on me, which meant this worsened my credit rating!
So basically, they get you into the back with advertising 5.8% as a "typical" rate, although it's most likely not the average rate they give to their customers. When they run the check to find out exactly what rate they offer you, another point is added to your credit history, which negatigely affects your credit rating - but they don't tell you that. So when they come back with the actual rate, you can either accept the (sometimes much) higher rate or go to another bank with a worse credit history than when you first walked into Northern Rock.
I am shocked that such behaviour is legal, because this means that you are effectively punished for shopping around for loans. In the end I went to NatWest, where I have my current account with. They had already told me that I can get a loan pretty much instantly and they wouldn't need to run a credit check. So I got a loan with them yesterday afternoon - and the money has gone into my account straight away, no hassle at all.
If you are looking for a loan, I would definitely ask the bank when you apply, whether they have to do a credit check first - and if so, I'd be careful. Now this would sound to me like a trick...
Advantages: Very simple application Disadvantages: None
...was winging its way to Northern Rock. A few days later i rang to check my application and the forms arrived on my doorstep ready for me to sign a week later.
Returned then straight away and a few days after that the money was in the bank with no problems.
I cant remember the exact % but i pay £195 for a £9800 loan...not too bad and very efficent... ...
JasperUK 17.03.2001
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Ciao members have rated this review on average: helpful Review of Northern Rock Loans
Advantages: quick/easy to apply for, no early redemption fee Disadvantages: may use a hard sell on the loan protection insurance
...had 2 large loans with Northern Rock, and would consider them again. They have a very competitive rate....they may not be the absolute cheapest on the market but they do have one major advantage on most other loan schemes, in that there is no redemption penalty when paying the loan off early. If you intend to pay off your loan early, the lack of an early redemption fee, means this type of loan could work out cheaper than another lenders loan which ... ...I was called up by Northern Rock and had to justify on the phone why I did not need their protetion. However when I applied for my 2nd loan, I said I did not need loan protection insurance and no questions were asked.
After acceptance, the money was in my designated account within a few days.
Both loans I paid off in full very shortly after receiving the money, in fact my 2nd loan was paid off before my 2nd payment was due. There was no fuss/resistence ...
LS53LFU 05.06.2007
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Ciao members have rated this review on average: helpful Review of Northern Rock Loans
Advantages: Low rates Disadvantages: watch the small print
...loans, I came across the Northern Rock as having the lowest rates available at the time (advertised 6.0% Nov2003)
They offer un -secured loans Typical APR is 6.0% available on loans from £1,00 to £25,000. Repayment terms up to 10 years. There is the option to repay the loan early. Secured loans only available to excisiting customers.
The web site was easy to follow and quickly I had filled in an application online, very straightforward. There is ... ...APR than was offered by Northern rock??
As I say read the small print, if I had I probably wouldn’t have spent the time applying with them. Sometimes the best rates advertised don't always mean they are going to be the best ones offered to you,but I guess you don’t know what you are going to be offered until you apply?? ...
lorrainekuk 20.12.2003
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Ciao members have rated this review on average: helpful Review of Northern Rock Loans
Advantages: Quick, easy and cost effective Disadvantages: Live Credit Check is mandatory
...loan for home improvements through Northern Rock. Lots of home improvements, so a lot of capital was needed.
I did it all over the phone, just called the number and answered all the questions. Nothing out of the ordinary, the usual questions apply.
The guy on the phone made things very easy to understand and went through all the options for repayment with me. IE, I can pay the agreed monthly sum for the duration - or I can pay a lump sum off the ... ...credit scoring methods.
Because Northern Rock do the live check anyway, you get the absolute correct quote. I don't mind this, because, don't forget, all that will appear on your credit file is that you've been searched by a company. If you don't choose to go with them, it doesn't mean that you were refused credit.
Lots of confusion can happen over that one.
All in all, very pleased with Northern Rock - I got £15,000 at £272.00 monthly payment. ...
cbays 10.08.2004
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Ciao members have rated this review on average: helpful Review of Northern Rock Loans
Advantages: Easy to use internet application, cheap APR rates Disadvantages: APR on contract can be different to website agreed
...apparently the free BACS method was 'unavailable' at the time?!
Overall I was impressed with the service and customer service (aside from the £45 one off payment) offered by Northern Rock. I will seriously consider using them to extend my loan when purchasing a car in the new year. ...
ForestMad 04.11.2005
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Ciao members have rated this review on average: helpful Review of Northern Rock Loans
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Advantages: quick service - good customer services - flexible mortgages - will lend over 100% to first time buyers Disadvantages: hidden costs
As a bit of background - I bought a house in late 2005 and after visiting an independent mortgage adviser I went through the options available to me. I had already seen the house I wanted to buy (£185,000), had no deposit and needed at least £10,000 on top of the mortgage to pay for building work and basic furnishings.
After providing all the details to the adviser he recommended NorthernRock - mainly because they were the only provider who would touch me with a barge pole.
NorthernRock were prepared to offer me 95% of the purchase price as a mortgage secured on the property, which meant they would give me £175,750 on a fixed rate for 7 years based upon an interest rate of 4.71%. In addition, they would also give me the option of taking out an unsecured loan or £19,250 that would be tied to the mortgage payments with an interest ...
Advantages: Good rate, good service, quick decision Disadvantages: A £10,000 debt becomes £12,000 in the signing of a signature
I have a Cashbuilder account with Nationwide that I have had since I was about 14 and that I currently keep open mainly because I don't want to miss out on any windfall should they demutualise. As a result, when I was looking around for a £10,000 loan at the beginning of the year to buy a car.
At first I applied for a NorthernRockloan because it, once again, had the best rate available, but was turned down. Probably because I had only just started in a new job. After that I applied to Nationwide over the internet and had my application accepted preliminarily via a phone call and then, fairly soon after, via a letter (which officially accepted it).
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Advantages: Easily understandable and good rates Disadvantages: Bit Slow
downside of NorthernRock is that as I said they are slow. We took out a secured loan with another provider to do building works and NorthernRock confused the whole situation to be honest. There was confusion as to what the property was actually worth. The property on the open market is worth what its worth, but NorthernRock only state the rebuild value when supplying information to the secure lender and this caused no end of problems. I found that when you were trying to sort things out like this, you never got to speak to the same person twice, there was never any notes made on the system so you had to continually repeat yourself. Obviously if you are borrowing money from them, it is much easier!
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